Yes, the power from your head will be split evenly between two 8&#937; cabs. Don't get too fixated on the wattage ratings of the cabs.

The light you saw was just a protection bulb for the tweeter.

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+1. It burns off excess energy to the tweeter and acts as a fuse if you slam it hard enough to make the tweeter and the bulb blow. Turning the tweeter down a little will help, but if it's just coming on occasionally, I wouldn't worry too much about it.